Otis Energy Drops Plan to Acquire 8.5% Stake in Yemen's Block 7

Otis Energy Limited, an Australian-based oil and gas development company, provided Thursday the following update on its acquisition of an interest in Block 7 in Yemen.

During the second quarter of 2013 Otis Energy Limited entered into an agreement with Mitsui E&P Middle East B.V. in relation to the acquisition of an 8.5 percent working interest (10 percent paying interest) in Block 7 in the Republic of Yemen.

Under the terms of the agreement, the longstop date for completion of the transaction was April 24, and the parties entered into a period of 20 business days to seek an alternate means of affecting the transaction.

After having discussion between Otis Energy Limited and Mitsui E&P Middle East B.V., the parties have agreed to end their agreement before expiry of the period of 20 business days. Otis wishes to thank the management and team from Mitsui E&P Middle East B.V. for their time, effort and professionalism during this period.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Technical Coordinator
Expertise: Client Representative|Process Management|Technical Writing
Location: Houston, TX
Executive Assistant
Expertise: Executive|Secretarial or Administrative
Location: United States
Regional Manager - Saybolt
Expertise: Executive|Operations Management
Location: Linden, NJ
search for more jobs

Brent Crude Oil : $51.78/BBL 0.77%
Light Crude Oil : $50.85/BBL 0.83%
Natural Gas : $2.99/MMBtu 4.77%
Updated in last 24 hours